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在线翻译:
szdaily -> Markets -> 
JP Morgan, Nomura get nod for brokerage ventures
    2019-04-01  08:53    Shenzhen Daily

JP Morgan and Nomura have won Chinese regulatory approval to set up majority-owned brokerage joint ventures, in China’s latest move to open its financial sector up to foreign firms.

The China Securities Regulatory Commission said Friday it will continue to approve foreign brokerage joint ventures “efficiently,” after announcing its decision for the two banks.

Allowing foreign banks a controlling stake in securities joint ventures is a key part of China’s pledge to ease ownership curbs, especially in the trillion-dollar financial sector.

A lack of control and limited contribution to revenue have been a reason behind JP Morgan’s 2016 decision to sell its 33 percent ownership in its then Chinese joint venture.

Western banks including Goldman Sachs, Morgan Stanley and Credit Suisse run joint ventures, whose offerings include debt and equity underwriting and financial advisory, with varying degrees of operational control.

China gave UBS approval in November to hold a majority stake in its securities joint venture, making it the first foreign bank to do so under new rules announced in 2017.

JP Morgan and Nomura applied to set up majority-controlled joint ventures in China last year. But unlike UBS, neither has a mainland joint venture and would need to start from scratch.

The majority-owned securities venture will allow JP Morgan to further strengthen its China business and offer “a complete set of services and solutions” to its clients, the Wall Street bank said in a statement.

“It’s a critical component of our growth plans globally as well as in Asia Pacific,” said JP Morgan Asia Pacific chairman and chief executive Nicolas Aguzin.

Nomura said it’s China joint venture would initially focus on the wealth management business, and expand its offerings “with the ultimate goal of growing the business into a full-fledged brokerage.”(SD-Agencies)

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